General Atlantic L.P. Cuts Stake in Alkami Technology, Inc. (NASDAQ:ALKT)

General Atlantic L.P. cut its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 9.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,520,318 shares of the company's stock after selling 1,666,667 shares during the period. Alkami Technology accounts for 13.9% of General Atlantic L.P.'s holdings, making the stock its 5th largest position. General Atlantic L.P. owned about 15.44% of Alkami Technology worth $489,511,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Driehaus Capital Management LLC grew its holdings in Alkami Technology by 56.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company's stock valued at $31,080,000 after buying an additional 392,483 shares in the last quarter. Millennium Management LLC lifted its holdings in Alkami Technology by 124.1% during the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company's stock worth $14,658,000 after buying an additional 284,977 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Alkami Technology in the 1st quarter valued at approximately $5,569,000. Massachusetts Financial Services Co. MA increased its position in shares of Alkami Technology by 13.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company's stock worth $44,719,000 after acquiring an additional 181,194 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Alkami Technology by 29.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 534,375 shares of the company's stock valued at $16,854,000 after acquiring an additional 120,845 shares in the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Alkami Technology Stock Performance

Shares of NASDAQ:ALKT traded up $1.95 on Friday, reaching $40.69. 1,226,685 shares of the company's stock were exchanged, compared to its average volume of 1,063,774. The business's 50-day moving average is $35.10 and its two-hundred day moving average is $31.59. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. Alkami Technology, Inc. has a fifty-two week low of $21.19 and a fifty-two week high of $41.36. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of -86.57 and a beta of 0.43.

Insiders Place Their Bets

In related news, CEO Alex Shootman sold 37,758 shares of the business's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $29.75, for a total value of $1,123,300.50. Following the sale, the chief executive officer now directly owns 1,056,207 shares in the company, valued at $31,422,158.25. The trade was a 3.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO W Bryan Hill sold 110,250 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $38.62, for a total value of $4,257,855.00. Following the completion of the sale, the chief financial officer now directly owns 471,403 shares of the company's stock, valued at approximately $18,205,583.86. This represents a 18.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,366,077 shares of company stock worth $125,011,332. Insiders own 38.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALKT. Craig Hallum lifted their price target on Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Needham & Company LLC upped their target price on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Barclays boosted their price target on Alkami Technology from $35.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Lake Street Capital boosted their price target on Alkami Technology from $30.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group raised their price objective on Alkami Technology from $34.00 to $39.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $37.44.

Alkami Technology Profile

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.